Today at Microsoft’s E3 2017 press conference, the company finally announced the release date and price for Project Scorpio, now known as Xbox One X. Xbox One X will be available on November 7th, and will retail for $499 USD.

The Xbox One X will share the Xbox One’s library of games, and will offer significant enhancements for some games in the lineup. A slew of upcoming Xbox games will utilize the console’s raw power to display native 4K resolution, like Metro Exodus and Forza Motorsport 7, with the latter even able to run at 60 frames per second when played on Xbox One X.

Besides new games, free updates for some older Xbox One titles will be released to allow them to take advantage of the Xbox One X hardware. For the most part, it seems as though these free updates will be coming to first-party Microsoft games, with titles like Gears of War 4 and Halo Wars 2 singled out as games that will receive Xbox One X updates at some point in the future.

Xbox One X Scorpio Price Confirmed - Xbox One X and controller

Overall, the Xbox One X gave an admirable performance at Microsoft’s E3 2017 press conference, and all the games running on it looked sharp. However, it remains to be seen if consumers will be willing to shell out $499, the price of the original Xbox One at launch in 2013, mainly for 4K resolution graphics. Since games will have to be compatible with both Xbox One and Xbox One X, it doesn’t appear as though the new console will represent a significant leap forward, despite the raw power under its hood.

The lack of exclusive games may hurt the Xbox One X in the long run, but that remains to be seen. The fact that the Xbox One X is the most powerful video game console made to date could go a long way in convincing people to upgrade, especially those that want to take full advantage of their 4K television sets.

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Xbox One X will be available on November 7th for $499.